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Home sales on Oahu fell again in June

Home resales on Oahu continued their downward movement in June, but the decreases affected by coronavirus safety measures were not as big as they were in May.

The Honolulu Board of Realtors released data today showing sale volume for previously owned single-family homes declined by 8% to 302 in June from 327 in the same month last year.

For condominiums, the number of sales fell 34% to 312 from 473 in the same period.

While the movement was negative, the market showed some possible indications toward recovery, given that declines in May were bigger — 23% for single-family homes and 51% for condos.

In April, a month after Hawaii’s economy began to unravel with widespread business closures, job losses and reduced work hours related to COVID-19 response measures, single-family home sales dropped 22% while condo sales dropped 28%.

Median sale prices have held up better this year with mostly gains each month through May. In June, however, the median sale price slipped a little.

Single-family homes sold for a median $770,000 last month, down 4% from $800,000 a year earlier. That was the only slippage this year other than a 3% reduction in February.

Condos sold for a median $421,500 in June, down 3% from $432,500 a year earlier. That followed the only other drop this year of 4% in May.

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